Transocean Ltd. (RIG): Don’t Let the Headlines Distract You

Transocean Ltd. (NYSE:RIG) gained 2.43% in yesterday’s session, going up from its prior closing price of $10.29 to $10.54, and has now recorded rally in 3 consecutive sessions. Many in the market will be closely watching whether this winning streak is sustainable or take a temporary pause for the next couple of trading sessions. The stock price went upward in 8 of the last 10 days and has generated 16.08% during the last two weeks. The upbeat movement of both volume and price during the recent session is interpreted as a good sign, and, overall 1.39 million more shares exchanged hands compared with prior day. In total, 13.42 M shares exchanged hands for about $141.45 million.

Inside RIG’s Recent Trend

Transocean Ltd. (RIG) lies in the upper part of a very wide and strong rising trend in the short term, and this will normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $10.87 will firstly indicate a stronger raising rate. Short-term traders are predicted to see a rally of 20.17% over the course of a quarter and, with 90% chance the price will be floating in the range of $9.91 and $13.06 in this timeframe.

Transocean Ltd. Technical Signals

RIG has witnessed its long term and short term MA triggering a buy signal. Many traders watch for short-term averages to cross above long-term averages to signal the beginning of a uptrend. Upon corrections, the price will meet support from the averages between $10.46 and $8.97. A break down through these support points will trigger sell signals. Its pivot point low generated buy signal on Tuesday October 03, 2017, which calls for additional surge until the stock forms a new pivot point high. There was increase in both volume and price. This is usually interpreted as a good sign as traders widely believe rising stock should see increasing volume.

Transocean Ltd. (NYSE:RIG) Support And Resistance Levels

Transocean Ltd. (RIG) recorded volume accumulation so there will probably be a surplus of buyers at $10.04. In case of gains, the next resistance from accumulated volume will not be far away from today’s level at $10.59 and $10.76.

Accumulated volume is going to prevent the price from rising further at $10.59 and this action will lead the price to take a temporary pause or stay muted for a few days.

Transocean Ltd. (RIG) Risk Assessment

A volatility based measure Bollinger Bands suggests this stock poses high risk. In the most recent session, the stock price hovered around $0.38 between high and low, or 3.71%. The average volatility for the past week stood at 3.05%.

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